San Francisco Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $66.06 2024 Avg. Asking Rent
  • 28.97% 2024 Office Vacancy Rate
  • $400.3M2024 Total Office Sales
  • $295.36Avg. Sale Price/SF

San Francisco office price per square foot in 2024 was $66.06 on average. The local office market recorded an average vacancy rate of 28.97% across all asset classes combined. The 12 transactions that closed here throughout 2024 amounted to a total sale volume of $400.3M. San Francisco office space commanded an average sale price per square foot of $295.36.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • San Francisco Class A & A+ Office Space$72.25
  • San Francisco Class B Office Space$48.49
  • San Francisco Class C Office Space$30.32
  • California Class A & A+ Office Space$60.31
  • California Class B Office Space$38.42
  • California Class C Office Space$26.20

San Francisco, CA Office Asking Rents by Class

Average office rent in San Francisco rested at $66.06 per square foot in 2024. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in San Francisco averaged $72.25 per square foot. Across all submarkets, class B office space recorded an average asking rent of $48.49 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $30.32 per square foot, on average. Comparably, statewide California average office rents by class in 2024 were: $60.31 per square foot for class A office space; $38.42 per square foot for class B office space; $26.20 per square foot for class C office space.

2024 Office Vacancy Rates in San Francisco

Submarket Asking Rents Vacancy Rates
South San Francisco $86.82 30.71%
San Francisco - North Waterfront $72.29 32.58%
San Francisco - Southwest $71.02 30.90%
San Francisco - Presidio Heights $69.41 12.47%
San Francisco - Civic Center $66.98 23.96%
San Francisco - West Van Ness $66.73 31.60%
San Francisco - South Financial District $61.06 24.19%
San Francisco - North Financial District $56.45 21.74%
San Francisco - SOMA $43.46 47.64%
San Francisco - Mission District $40.19 36.39%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the San Francisco market was 28.97% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in San Francisco was 12.47% in the San Francisco - Presidio Heights submarket, while the highest office vacancy in the market was 47.64%, recorded in San Francisco - SOMA.

Office Spaces for Rent in California

San Francisco Office Sale Price per SF

  • $295.362024 Avg. Price per SF
  • 2.45%Y-o-Y Avg. PpSF Change
  • $400.3M2024 Office Sales Volume
  • 122024 Number of Transactions

San Francisco, CA Sale Price per SF Trend

  • San Francisco Avg. Sale Price per SF in 2024$295.36
  • California Avg. Sale Price per SF in 2024$249.15
San Francisco office space cost in 2024 marked a +2.45% change compared to the previous year. The sale price for office space in San Francisco averaged $295.36 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $249.15 per square foot.

2024 Office Sales Volume

  • San Francisco, CA Total Office Sales Volume in 2024 $400.3M
  • San Francisco, CA Total Number of Office Sales Closed in 2024 12
A total of 12 deals closed on the San Francisco office market in 2024, adding up to a yearly sales volume of $400.3M. Notably, the largest transaction on the market saw 600 Townsend change hands for $62,000,000 on 10/15/2024.

Largest San Francisco Office Sales in 2024

Property name Address Date Price
600 Townsend 600 Townsend Street 10/15/2024 $62,000,000
535 Pacific Avenue 535 Pacific Avenue 2/9/2024 $59,700,000
255 California 255 California Street 7/26/2024 $55,000,000
795 Folsom Street 795 Folsom Street 7/31/2024 $48,300,000
631 Howard 631 Howard Street 8/20/2024 $36,425,000
Data provided by Commercial Edge

Coworking Spaces in California

2024 Office Construction in San Francisco, CA

  • San Francisco, CA Total SF completed in 2024 212,796
  • San Francisco, CA Total SF under construction in 2025 956,000

During 2024, 212,796 square feet of new office space were delivered across the market. At the close of 2024, the San Francisco office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 212,796 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 956,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in San Francisco
Office building Address SF Completed
531 BRYANT 531 Bryant Street, 94107 51,409 2023
415 Natoma 415 Natoma Street, 94103 640,000 2022
Uber Mission Bay 1 & 2 1455 3rd Street, 94158 486,600 2021
49 South Van Ness Avenue 49 South Van Ness Avenue, 94103 481,000 2020
The Exchange on 16th 1800 Owens Street, 94158 750,370 2019
Van Ness Medical Office Building 1100 Van Ness Avenue, 94109 253,000 2019
High-End Owner User Opportunity 735 Bryant Street, 94107 18,990 2019
High-End Owner User Opportunity 735 Bryant Street, 94107 18,990 2019
Salesforce Tower 415 Mission Street, 94105 1,420,079 2018
181 Fremont 181 Fremont Street, 94105 439,015 2018

Worth noting among recent office completions on the San Francisco market is 531 BRYANT, which is currently the largest new office development in the city, at 51,409 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all San Francisco commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.